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Permalink | Email this | CommentsBYD's share in February was essentially unchanged from January, while CALB's share grew significantly.
China's power battery installed base rebounded in February compared to January, though CATL's share declined slightly and CALB's share increased significantly.
In February, China's power battery installed base was 21.9 GWh, up 60.4 percent year-on-year and up 36.0 percent from January, according to data released today by the China Automotive Battery Innovation Alliance (CABIA).
CATL's power battery installed base in February was 9.60 GWh, continuing to rank first with a 43.76 percent share, but down from 44.41 percent in January.
BYD installed 7.50 GWh of power batteries in February, ranking second with a 34.19 percent share, essentially unchanged from January's 34.12 percent share.
CALB saw significant market share gains in February, as the company installed 1.62 GWh of power batteries in the month, ranking third with a 7.39 percent share, up 2.46 percentage points from 4.93 percent in January.
Gotion High-tech ranked fourth with an installed base of 0.78 GWh and a 3.58 percent share in February, while Eve Energy ranked fifth with an installed base of 0.71 GWh and a 3.25 percent share.
China's ternary Li-ion battery installed base in February was 6.7 GWh, accounting for 30.6 percent of total installed base, up 15.0 percent year-on-year and up 23.7 percent from January.
The installed base of LFP batteries was 15.2 GWh, accounting for 69.3 percent of the total installed base, up 95.3 percent year-on-year and up 42.2 percent from January.
In the ternary Li-ion battery market, CATL ranked first with 65.53 percent of the total installed base of 4.40 GWh in February.
CALB and LG Energy Solution ranked second and third in the ternary battery market with 10.93 percent and 7.49 percent shares, respectively.
In the LFP battery market, BYD installed 7.50 GWh in February, topping the list with a 49.37 percent share, the second consecutive month it ranked first in this segment.
BYD's power batteries are mainly LFP batteries, which are mainly used in the company's own new energy vehicle (NEV) models.
CATL ranked second in the LFP market with 34.19 percent of the total installed base of 5.20 GWh in February.
CALB and Gotion High-tech ranked third and fourth in the LFP battery market with 5.84 percent and 4.82 percent shares, respectively.
CATL's share in global EV battery market slips in Jan, BYD rises
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CATL's lithium sharing program is not for price reduction purposes, but rather the company already owns some mineral resources and doesn't want to reap windfall profits, its management said.
Last month it was reported that CATL was pushing a lithium rebate program to electric vehicle (EV) makers to drive down the cost of battery purchases for a handful of customers. Now, for the first time, the power battery giant has acknowledged the move.
CATL's lithium-sharing program is not for the purpose of lowering prices, but rather the company already owns some mineral resources and doesn't want to reap windfall profits, its management said Thursday.
The company released its 2022 annual report Thursday and held an investor call afterward in which its management made those comments, according to a meeting minutes it released today.
CATL hopes to be able to share with long-term strategic customers and is moving forward with relevant communications, the company said.
On February 17, local media outlet 36kr first reported on CATL's plan, saying it was not for all customers, but for several strategic customers including NIO (NYSE: NIO), Li Auto (NASDAQ: LI), Huawei and Zeekr.
The core terms of the partnership include that CATL will settle a portion of the price of power battery supply with car companies at a rate of RMB 200,000 ($28,720) per ton of lithium carbonate for the next three years.
At the same time, automakers signing the partnership will be required to commit about 80 percent of their battery purchases to CATL, according to the report.
CATL did not confirm the report at the time, though Li Auto and NIO both mentioned the program in their respective subsequent earnings calls.
In response to the rumored new pricing arrangement, Li Auto and CATL were in negotiations, the EV maker said during an analyst call following the February 27 announcement of its fourth-quarter earnings.
Whether it's lithium price concessions or battery prices linked to raw materials, it would be good news if battery prices could be brought back to a rational range, Li Auto's management said.
Asked about the topic during a conference call on March 1, NIO's management said the company is also in the process of discussions with CATL.
"Of course, we will maintain a long-term strategic relationship with CATL, and we are discussing some new pricing mechanisms with them," said William Li, NIO founder, chairman and CEO.
Battery makers also recognize that they must share the price volatility of battery materials with car companies, Li said at the time.
Back at CATL, the company's annual report, released yesterday, showed it posted a 39 percent quarter-on-quarter increase in net profit in the fourth quarter and further improved gross margins to 22.57 percent.
CATL's management, when asked about the lithium industry overhaul in Yichun, Jiangxi, said it had essentially no impact on the company, and its projects there are moving forward as planned.
The overhaul is mainly aimed at correcting the chaos in local lithium mining, which is beneficial to compliant companies in the long run, CATL's management said.
In Yichun, nicknamed the "lithium capital of Asia," local lithium miners have shut down production for an industry-wide overhaul, Yicai reported on February 26.
Analysts fear that this may bring disruption to the lithium supply, thus halting the downward trend in lithium prices. But such fears have not materialized.
Lithium carbonate prices have continued to fall over the past two weeks, with battery-grade lithium carbonate falling to RMB 367,000 per ton on March 9 and industrial-grade lithium carbonate falling to RMB 332,500 per ton, both one-year lows.
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CATL reportedly cutting battery costs significantly for some clients including NIO, Li Auto
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CATL's capacity utilization was 83.4 percent in 2022, down from 95 percent in 2021.
CATL saw a solid performance in the fourth quarter, with its key businesses seeing strong growth.
The Chinese power battery giant achieved revenue of RMB 118.25 billion ($16.98 billion) in the fourth quarter, up 107.49 percent year-on-year and up 21.44 percent from the third quarter, according to its annual report released Thursday.
The company's net profit attributable to shareholders reached RMB 13.14 billion in the fourth quarter, up 60.64 percent year-on-year and up 39.49 percent from the third quarter.
CATL's gross margin further improved to 22.57 percent in the fourth quarter, up from 19.27 percent in the third quarter.
Previously, CATL's gross margin continued to decline in 2021, dropping to 14.48 percent in the first quarter of 2022 due to a large increase in battery raw material prices.
CATL's revenue for the full year 2022 was RMB 328.59 billion, up 152 percent year-on-year, and net profit was RMB 30.73 billion, up 92.89 percent year-on-year.
The company's gross margin in 2022 were 20.25 percent, a decrease of 6.03 percentage points from 2021.
CATL's revenue mainly comes from its power battery systems business, energy storage systems business and battery materials and recycling business.
Its power battery systems business generated revenue of RMB 236.6 billion in 2022, up 158.6 percent year-on-year, contributing 72 percent of the company's revenue.
CATL's actual battery systems capacity in 2022 was 390 GWh, up 128.9 percent year-on-year. It has 152 GWh of capacity under construction.
It had 325 GWh of battery system production in 2022, up 100 percent year-on-year, with full-year sales reaching 289 GWh, up 116.6 percent year-on-year.
It has a battery inventory of 70 GWh in 2022, up 75.2 percent year-on-year.
Notably, with rapid capacity expansion, CATL's capacity utilization rate was 83.4 percent in 2022, down from 95 percent in 2021.
CATL's energy storage systems business generated revenue of RMB 44.98 billion in 2022, up 230.16 percent year-on-year, contributing 13.69 percent of total revenue.
Its energy storage systems business saw a large decline in gross margin, which was 17 percent in 2022, 11.51 percentage points lower than in 2021, a much larger decline than other businesses.
This is because energy storage orders are mostly long-term orders, and compared to power batteries, energy storage batteries are more sensitive to price fluctuations, making it difficult to negotiate directly with customers for price increases in the short term.
CATL's battery materials and recycling business generated revenue of RMB 26.03 billion in 2022, up 94.7 percent year-on-year, contributing 7.92 percent of total revenue.
The battery materials and recycling business gross margin remained largely stable, declining only 2.36 percentage points to 21.23 percent in 2022.
Citi analyst Jack Shang said in a research note that CATL's reported results were in line with previous forecasts, and they are bullish on the company's strong pricing power and overseas customer channel as a leader in the battery industry.
Citi raised its earnings forecast for CATL by 4 percent for this year and 2 percent for next year to RMB 39 billion and RMB 49 billion, respectively, maintaining it as a top pick in the industry.
Citi expects CATL's battery sales could reach 402 GWh this year, up 39 percent year-on-year.
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CATL's share in global EV battery market slips in Jan, BYD rises
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CATL's RMB 6.4 billion restructuring proposal was approved unanimously by lithium miner Sinuowei's creditors, according to local media.
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CATL's battery installations rose 6.5 percent year-on-year in January, below the industry's growth rate of 18.1 percent.
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For power battery makers, it's important to keep production lines running consistently, so a price war for batteries is long expected, industry watchers said.
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Continue reading How Ford, CATL worked for years to seal deal on a $3.5 billion battery plant
How Ford, CATL worked for years to seal deal on a $3.5 billion battery plant originally appeared on Autoblog on Sun, 19 Feb 2023 11:00:00 EST. Please see our terms for use of feeds.
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The program is only available to a few strategic customers, including NIO, Li Auto, Huawei and Zeekr, and Tesla is not included, according to local media.
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